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PERS bill mounts

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High Five
Monday, March 29, 2010

Local governments and agencies participating in Oregon's Public Employees Retirement System will have to significantly increase their PERS contributions to make up for the 2008 market decline.

Employers will have to pay a total of over $1 billion in additional employer pension contributions.

"The market downturn dug a huge hole in PERS that needs to be made up," said Brenda Wilson, the city of Eugene's intergovernmental relations manager and PERS consultant to the Oregon League of Cities. "Even though there were positive earnings last year, the hole is bigger than that. Not every single employer will see a rate increase, but the vast majority of them will."

The increase will cost Oregon governments participating in PERS a total of more than $1 billion in additional employer pension contributions, according to information provided by PERS after public-records requests from the Statesman Journal. To cover that expense, cuts to classrooms, parks, libraries and myriad other community services will have to be considered. Some local governments might lay off workers.

Read the full story at the Statesman Journal.

{biztweet}Oregon PERS{/biztweet}

 

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Just plain Dick
0 #1 Just plain Dick 2010-03-29 11:56:26
Simple Solution to PERS!! Put them on Social Security, like everyone else. Now you know why Schools are always in Crisis!!
Cut Government spending and eliminate non productive programs. No one is willing to stand up against the Government Machine.
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John A. Ward
0 #2 pers bill mountsJohn A. Ward 2010-03-29 13:02:19
I wonder when the politicians that ave such high benefits for the PERS system are going to admit the stupidity of the move and declare bankruptcy! There is really no reason to hide it, declare bankruptcy, abolish the PERS system and let the public employees make what the rest of us get paid and fund their own 401k plans, and take the hits and pluses just like the rest of us.
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